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Japan govt to sell stake in Japan Post in Sept listing: source

[TOKYO] The Japanese government plans to sell part of its stake in Japan Post Holdings IPO-JAPP.T and its banking and insurance units in a public offering in September, two sources with knowledge of the plan said.

Japan Post president Taizo Nishimuro will hold a press briefing on Friday, when the offering will be announced, the sources said.

In addition to a network of more than 20,000 post offices, Japan Post runs the country's biggest banking and insurance operations, overshadowing non-state lenders and insurers.

The long-anticipated listing had been expected in spring, but a September offering would revert to an earlier schedule. The government has said it will use the proceeds from the sale to help fund reconstruction of areas devastated by the March 2011 earthquake and tsunami.

With net assets estimated at about 14 trillion yen (US$116.73 billion), the three units could be valued at as much as 700 billion yen, the Nikkei business daily reported earlier.

REUTERS